While most of the top cryptocurrencies, Bitcoin included, seemed to be staging a recovery and returning to the green, XRP price slipped into the red zone. It dropped to 2.28 when Ripple Labs has just announced a major partnership deal with Guggenheim Partners.
With the sentiment in the markets improving, this unexpected drop is leaving many traders caviling. From a technical perspective, however, there is still some good news for XRP’s holders, as they believe it is currently capped above $2.25, which is a crucial Fibonacci retracement level and an important support area.
XRP historically tends to rebound from this region—proof that markets do behave in a recurrent manner. For the time being, this zone is likely to act as a buffer for the token.
On-chain activity is starting to pick up as well. Supporters are particularly focused on June 16, a date that has become synonymous with possible resolutions in the Ripple vs SEC saga. Quite a number of people seem to believe that a favorable outcome could serve as a very strong catalyst for XRP’s next move.
From a technical point of view, XRP is trying to recover from a key support zone in the range of $2.10 and $2.25. Immediate resistance levels are marked at $2.34 and $2.44, with stronger resistance near $2.60. Analysts are looking for a possible double bottom pattern forming on the charts, which would be a bullish pattern if confirmed in the
On shorter timeframes, particularly the 8-hour chart, XRP is showing signs of a bullish divergence. While the price has slipped, momentum indicators like the RSI are quietly trending higher, suggesting a possible price bounce in the near term.
However, one wildcard could shake things up — the upcoming U.S. CPI inflation data set to be released within the next 24 hours. Depending on how those numbers land, short-term market sentiment across crypto, including XRP, could shift quickly.
XRP fell to $2.28 despite the deal, likely due to broader market volatility and profit-taking near a key resistance zone.
A favorable SEC ruling on June 16 could be a major bullish catalyst and drive XRP’s price higher.
Yes, CPI data may influence crypto sentiment; high inflation could cause short-term volatility in XRP and other assets.
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